Reservation Nexus QuickBooks Integration |
 |
QuickBooks Integration
There are three ways to integrate with QuickBooks.
IIF File
This is an outdated method of synching with QuickBooks. Its no longer supported by Intuit (owners of QuickBooks) because if you accidentally import the same IIF file twice, you get duplicates and either need to go to a backup or spend hours removing the duplicates from QuickBooks.
- Outdated and no longer supported by QuickBooks
- Importing any overlapping financial data causes duplicates
Intuit QuickBooks Merchant Service
While this service can be integrated with property management systems, you are forced to switch to Intuit's credit card processor and you can't use your current credit card processor. Make sure you read the fine print with regards to Intuit's credit card processing. For example, "qualified" charges might be at 2.44% but in the fine print non-qualified charges could be at 3.54%. From our own experience with them (Reservation Nexus tried them out for testing purposes), non-qualified to Intuit meant when we tried them any cash back or rewards card. Over 80% of all charges are on rewards cards and such, which would have cost thousands more a year in fees for our organization had we made the switch. We also experienced a $200 cancellation fee.
- Powerful & a timesaver
- No duplicate financial entries
- Lets you know when the money has arrived in your bank account
- You are forced to use Intuits credit card processor and are at their mercy
- Property management systems that integrate this way often get a cut or commission which takes away from your profit margin. Its why they often give you a free copy of QuickBooks if you sign up. They will make that money back fast.
- Make sure you read the fine print on rate charges, cancellation fees and look for hidden fees
QuickBooks Web Connect
This tool from Intuit allows software companies to integrate with QuickBooks. It is what replaced IIF Files.
- Keep your existing credit card processor! Changing processors can be a hassle and a headache especially if you already get great rates.
- Powerful & a timesaver
- No duplicate financial entries
- Synchs your reservation and payment information automatically for you